This year's market darling will once again take center stage in the week ahead. Nvidia's hotly-anticipated fiscal second-quarter results are on deck Wednesday , coming at the end of what has been an eventful summer for the stock. After blowing past record after record in 2024 — topping $140 per share on an intraday basis in June — the AI chipmaker started this month by pulling back in a major way.
On Aug. 5, Nvidia shares fell to as low as $90.69 per share amid a broader market sell-off, as well as reports of delays on its Blackwell chips.
Now, they've surged more than 40%, to about $125 per share currently, as traders rushed in to buy the dip. NVDA YTD mountain Nvidia Wall Street is bullish heading into Nvidia's earnings results next week, figuring any hiccups to its next generation AI chips does little to dim the earnings potential of a company that essentially has a monopoly on the market. "Nvidia is in this enviable position where they make the best of the best chips," said Harsh Kumar, senior research analyst at Piper Sandler, who has a buy rating and a $140 price target on the stock.
"And the Blackwell is even superior to the previous generation — massively superior to previous generations." In fact, CEO Jensen Huang told CNBC's Jim Cramer in March the newest generation of its chips cost around $10 billion in research and development, a huge barrier to entry for any viable competitors. Still, Kumar expects the results may do little to move the stock or the broader.